Bingham Osborn & Scarborough LLC boosted its holdings in Bank of America Corp (NYSE:BAC) by 2.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,346 shares of the financial services provider’s stock after purchasing an additional 2,225 shares during the period. Bank of America comprises 0.2% of Bingham Osborn & Scarborough LLC’s portfolio, making the stock its 29th largest position. Bingham Osborn & Scarborough LLC’s holdings in Bank of America were worth $2,264,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. TIAA FSB bought a new position in Bank of America during the 2nd quarter worth approximately $2,400,000. Personal Capital Advisors Corp bought a new position in Bank of America during the 3rd quarter worth approximately $311,000. Lbmc Investment Advisors LLC lifted its holdings in Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares during the last quarter. Beaton Management Co. Inc. bought a new position in Bank of America during the 2nd quarter worth approximately $2,081,000. Finally, Sanders Capital LLC lifted its holdings in Bank of America by 3.0% during the 3rd quarter. Sanders Capital LLC now owns 29,888,232 shares of the financial services provider’s stock worth $831,538,000 after buying an additional 865,200 shares during the last quarter. 68.43% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on the company. Vetr downgraded Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a report on Wednesday. Societe Generale downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets reissued a “hold” rating and issued a $31.00 price target on shares of Bank of America in a report on Monday. Credit Suisse Group raised Bank of America to an “outperform” rating and raised their price target for the stock from $32.00 to $35.00 in a report on Thursday, January 4th. Finally, Instinet cut their price target on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.56.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. research analysts anticipate that Bank of America Corp will post 1.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is presently 27.91%.
Bank of America announced that its board has authorized a stock repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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